--- title: "CGS Fixed Income: \"Fixed Income +\" scale increased by more than 90% year-on-year, significant expansion of high volatility secondary bond funds" type: "News" locale: "en" url: "https://longbridge.com/en/news/275047839.md" description: "China Galaxy's fixed income research report shows that in 2025, the scale of \"fixed income +\" funds will grow by 90.1% year-on-year, reaching 1.79 trillion yuan, while secondary bond funds will increase by 136% to 1.42 trillion yuan. The annual yield is 6.4%, with convertible bond funds performing the best. In Q4, the market fluctuated, and the scale continued to grow, but performance declined, leading to cautious operations. In bond allocation, there is an increase in government bonds and financial bonds, while convertible bonds and corporate bonds are reduced. Overall risk-return has weakened, with duration shrinking to 2.9 years, and differentiation in leverage and concentration" datetime: "2026-02-05T23:58:45.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275047839.md) - [en](https://longbridge.com/en/news/275047839.md) - [zh-HK](https://longbridge.com/zh-HK/news/275047839.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/275047839.md) | [繁體中文](https://longbridge.com/zh-HK/news/275047839.md) # CGS Fixed Income: "Fixed Income +" scale increased by more than 90% year-on-year, significant expansion of high volatility secondary bond funds China Galaxy's fixed income research report points out that by 2025, the scale of "fixed income +" funds will expand rapidly, with optimized risk-return profiles and relatively stable asset allocation structures. 1) Scale: The broad "fixed income +" stock reached 17.9 trillion yuan, a year-on-year increase of 90.1%, with secondary bond funds increasing by 136% to 14.2 trillion; 121.6 billion new shares were issued, mainly contributed by secondary bond funds. 2) Performance: The cumulative annual return increased by 1.1 percentage points year-on-year to 6.4%, with convertible bond funds leading with a return of 23.3%, the highest in Q3; the maximum drawdown for the year was -2.7%, with significant market fluctuations in Q4, resulting in a quarterly return of -1.7%. 3) Asset allocation: The central position of stock and bond holdings remains at 80%/15%, with a quarter-on-quarter increase of 1.5 percentage points in stocks; in bond subcategories, allocations to government bonds increased by 2 percentage points and financial bonds by 10 percentage points, while allocations to convertible bonds decreased by 7 percentage points and corporate bonds by 3 percentage points. In Q4, the scale of "fixed income +" funds continued to grow, performance declined, and operations were cautiously proactive. 1) Continued growth in scale. The overall scale increased to 17.9 trillion yuan quarter-on-quarter, with secondary bond funds being the core of growth, while the scale of convertible bond funds shrank by 4.2% to 58.1 billion. 2) Comprehensive weakening of risk and return. The yield fell by 3.4 percentage points quarter-on-quarter to 0.4%, and the maximum drawdown expanded by 0.5 percentage points to -1.7%; the risk-return ratio and stability weakened. 3) Cautious and proactive pure bond operations. Duration shrank to 2.9 years; leverage and position concentration showed divergence, with "fixed income +" funds increasing leverage and slight increases in concentration, while convertible bond funds reduced leverage and saw a decrease in concentration ### Related Stocks - [Hwabao WP CSI All Share Investment Banking & Brokerage ETF (512000.CN)](https://longbridge.com/en/quote/512000.CN.md) - [Yinhua CSI All Share Investment Banking & Brokerage ETF (159842.CN)](https://longbridge.com/en/quote/159842.CN.md) - [CGS (601881.CN)](https://longbridge.com/en/quote/601881.CN.md) - [Guotai CSI All Share Investment Banking & Brokerage ETF (512880.CN)](https://longbridge.com/en/quote/512880.CN.md) - [CGS (06881.HK)](https://longbridge.com/en/quote/06881.HK.md) - [GMK (300619.CN)](https://longbridge.com/en/quote/300619.CN.md) ## Related News & Research - [CITIC Securities Unit Issues $20 Million Bonds](https://longbridge.com/en/news/281597947.md) - [First Shanghai Securities Reaffirms Their Buy Rating on China International Capital (CNICF)](https://longbridge.com/en/news/281701888.md) - [10-year JGB yields increased by 4.0 basis points, reaching 2.420%.](https://longbridge.com/en/news/281735160.md) - [US Treasury yield extend fall, 10-year yield last down 2.8 bps at 4.293%; two-year yield slips 1.7 bps at 3.786%](https://longbridge.com/en/news/281544605.md) - [Buy the dip in treasuries, strategist says. Here’s why.](https://longbridge.com/en/news/281656332.md)